Soybean (ZS) Trying to Reclaim Key 900 Level

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Soybean (ZS) is trying to firm to start the week after forming a daily Hammer Friday. The bigger picture is of ZS bouncing off a 5 month low but remaining firmly for now within a downchannel (on the daily chart) and a sideways range (on the weekly chart). If ZS rallies this week, it will likely form a higher April low versus the March low, and a higher April high versus the March high. Traders will continue remaining on edge given ongoing developments around the US and China trade deal negotiations. The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish. Until ZS decisively returns to a bullish technical posture (e.g. ZS breaking above downchannel resistance on the daily chart), I will remain on the sidelines.

Soybean (ZS) Weekly/Daily/4hr

ZS (Soybean) Technical Analysis

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